Earlier this year, in response to catastrophic job losses caused by the onset of the coronavirus pandemic and the resulting dire need for economic help, the federal government issued more than $500 billion in forgivable PPP loans, a program that was approved by Congress as part of the $2 trillion CARES Act.
The federal government released detailed information this week regarding the program after it was sued by 11 news organizations, NBC News among them. The New York Times called the data “the first full accounting of how federal money was spent through the program.”
The Paycheck Protection Program came under fire in the spring when it was discovered that some large corporations had received loans, businesses like the Shake Shack and Nathan’s Famous restaurant chains (both of which returned their loans), as well as religious organizations, which, in their defense, employed thousands of teachers.
While the PPP money is technically a loan, “Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent or utilities during either the 8- or 24-week period after disbursement,” according to the Small Business Administration.
The data released this week includes specific details on who, exactly, got the money, how much they got, and how many employees were expected to benefit from the loans. It also included locations, making it easy to break down locally.
According to the Small Business Administration, 55,823 San Diego County businesses, schools, nonprofits and religious organizations received $6.1 billion in PPP loans. The vast majority of that amount, $4.4 billion, went to 7,746 local businesses, which all got loans in excess of $125,000.
Here is a complete list of businesses, organizations and groups located in the San Diego area that got a PPP loan from the Small Business Administration of $150,000 or more, up to $10 million. This does not include EIDL money or PPP loans under $150,000:
According to the U.S. Census Bureau, there were 86,070 employers in the county in 2018, the latest year for which figures were available.
Those 55,823 companies employed 534,417 people, according to the SBA data. Since San Diego had about 1.3 million workers in 2018, nearly 2 in 5 were affected by the distribution of the PPP loans in San Diego.
Seven local companies received loans of $10 million, the biggest on offer through the PPP program. Three of those went to restaurant operations: Islands Restaurants, the Cerca Trove Restaurant Group and Rubio’s Restaurants, which, notably, filed for bankruptcy in October.
The San Diego County $10 million club is rounded out by the Kleinfelder Group, an engineering consulting and design group; Epsilon Systems, a defense contractor; Hospitality Team Members, an employment services company; and the Wis International corporation, an inventory service for retail…
Go to the news source: San Diego Got $6 Billion in PPP Loans. Where’d It All Go? – NBC 7 San Diego